Sirlibz
Korea Tech giant LG, has partnered with a US based company to build a Decentralized ID using Blockchain technology. LG CNS, the IT arm of LG signed an MOU with the US company Evernym as reported by local news on the 26th of May.
The two companies will work together in building ID cards that will work everywhere around the globe, as well as using Decentralized Identity (DID) a blockchain based identification system. DID is a new type of encrypted identifier that normally uses public keys to establish a secure communications channel. The two companies hope to work together to achieve the international standards of the World Wide Web Consortium (W3C).
Through this collaboration they will be working on implementing a new blockchain based authentication system that will replace driving licence and passport. They hope to build a decentralized identity ID card that can be issued through a smartphone with it’s details stored and distributed on the blockchain, this will help verify the identity of any institution. They also plan on DID business models that are based on blockchain technology.
Kim Hong-geun, LG CNS Chief Technology Officer…stated
Through cooperation with Evernym, we will create DID solutions and service models that can be used globally
He also added
We will also actively participate in related public projects so that South Korea can lead the global standardization of DID.”
MORE ABOUT COMPANIES INVOLVED.
Evernym is the world’s leader in Self-sovereign identity. They are the founders and creator of sovrin, a platform that enables governments and organizations to issue, accept and verify digital credentials such as digital passports. Creators of Self Sovereign identity Network (SSI) and one of those involved in developing the W3C DID standards. LG CNS, this is the arm of LG that deals with Information Technology (IT). They are also a member of DID Alliance, this is a large Korean Consortium which includes numerous banks and other organizations. They also launched the Global Digital Identity (GADI) last year.With large firms and organizations starting to recognize blockchain technology, it’s only a matter of time before it becomes mainstream, just like the internet.
